Icahn representative to AIG board will not seek another term: filing

(Reuters) - Samuel Merksamer, who represents billionaire Carl Icahn on the board of American International Group Inc, will not seek re-election to the post at the insurer’s annual meeting in May, the company said in a filing on Wednesday.

Merksamer, who has served as a director on behalf of the activist investor since 2016, will continue his work on AIG’s board until the May meeting, the company said.

AIG and Merksamer declined to comment. Merksamer was a managing director at Icahn Capital, a unit of Icahn Enterprises LP from 2008 until leaving Icahn’s firm last year.

An Icahn spokesman was not immediately available for comment.

Icahn is AIG’s third-largest investor, holding a 4.76 percent stake in the company at the end of the 2017.

Icahn has shaken up management teams and business strategies at many companies, using deputies like Merksamer to implement changes he deems necessary.

When Icahn first began acquiring his stake in 2015, he advocated splitting AIG into three parts.

The insurer instead embarked on a two-year turnaround plan developed by former Chief Executive Officer Peter Hancock, which intended to return $25 billion to shareholders.

AIG announced in March 2017 that Hancock was stepping down. CEO Brian Duperreault took charge of the insurance giant in May, saying that he wanted to grow the company.

In January, AIG said it would buy reinsurer Validus Holdings Ltd (VR.N) for $5.56 billion in cash, its largest acquisition since the global financial crisis.